Tuesday 15 May 2012, 6.30 – 8pm
Wolfson Theatre, New Academic Building, LSE
Richard Bronk, Visiting Fellow, European Institute, LSE and author of The Romantic Economist
Chair: Kristina Musholt, LSE Fellow, Department of Philosophy, Logic and Scientific Method and Deputy Director of the Forum for European Philosophy
How far was Hayek justified in viewing the price mechanism as a marvel in its capacity to solve the problem of dispersed and incomplete knowledge? As Hayek predicted, the absence of market prices proved devastating to the pretensions of socialist central planning, but the failure of prices to be a reliable guide in the recent financial crisis points to weaknesses in Hayek’s conception.